Technical outlook and chart setups:
Gold is trading around $1,200.00 now, looking to rally higher towards $1,240.00 soon. The metal remains in control of bulls util prices stay above $1,170.00. It is recommended to hold long positions with risk at $1,170.00. Immediate support is seen at at the level of $1,183.00 followed by $1,178.00, $1,162.00, and lower while resistance is seen at $1,240.00 followed by $1,280.00/85.00 and higher respectively. The metal is looking to print higher highs and higher lows now.
Trading recommendations:
Remain long, stop at $1,170.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
